By Darren Parkin
Poundtoken, the first FSA-regulated stablecoin fully backed 1:1 by pound sterling, today became available on the Fireblocks network.
The move means Pountoken (GBPT) will reach a network of more than 1,300 trusted institutions such as Revolut, Checkout.com, BNP Paribas Securities Services, B2C2, and FIS.
Fireblocks provides secure storage and transfer infrastructure through its MPC wallet technology and the Fireblocks Network, which brings together exchanges, OTCs, banks and custodians into a single platform.
The secure network uses patented chip isolation technologies and cryptography to offer compliant digital asset operations. The high security and reach of the Fireblocks Network means that businesses that operate in GBP will have a secure point of entry into the digital assets market through a trusted stablecoin.
The currency was launched by Douglas-based Blackfridge and is regulated and licensed by the Isle of Man Financial Services Authority and is required to hold GBP equal to the value of the tokens issued at all times.
“Fireblock’s mission for security and trust closely aligns with Poundtoken,” said Christian Walker, Head of Partnerships at Poundtoken.
“Working with Fireblocks ensures that Poundtoken reaches trusted hands across its network in a safe and straightforward way. Together, we will continue to build GBPT’s reputation as a stable, trustworthy, and transparent stablecoin.”
Jonathan Dakin, Head of EMEA at Fireblocks said regulated and fully-backed stablecoins like Poundtoken play a critical role between traditional finance and the digital assets market.
“The team’s focus on compliance, trust and transparency brings a new level of confidence to stablecoins and shows how far the digital asset space has come,” he added.
“We’re excited to support the Poundtoken team and to provide users on the Fireblocks Network with the ability to transact securely in GBP.”
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